Metro Vancouver house prices, led by West Vancouver real estate, continue to contribute to increases in indices including the Statistics Canada new housing price index. Nonetheless, an increase in the number of properties available has relieved some of the pressure on the market giving home buyers added leverage in current transactions.

The Real Estate Board of Greater Vancouver sales figures for April show a 3% decrease in the benchmark price for a detached home in West Vancouver. While not showing an actual decline, homes for sale in North Vancouver, BC had only a 1.2% increase in benchmark price for detached home indicating a greater balance in the market.

This is good news for anyone looking at West Vancouver homes for sale. Factors including the imminent implementation of the Harmonized Sales Tax and inadequate inventories have tilted the playing field in favour of sellers over the past number of months. Analysts suggest that the current increase in the number and range of properties for sale will result in little upward pressure on prices throughout the balance of the year and a period of relative stability.

At the same time, interest rates continue to hover near record lows, an added benefit West Vancouver realtors are able to present to their clients. In fact, the economic instability in some European countries that threatens to slow global recovery has resulted in a .15% reduction in five year mortgage rates at all of Canada’s big five banks. Economists, though, are quick to caution that this rate reduction will not be long-lived.

Taken together, these factors make this an excellent time to consider buying property in West Vancouver or elsewhere on the north shore. Higher inventories provide a broad selection of homes in all categories and the intensity of market activity is lower than has recently been the case. Advantageous interest rates and upcoming changes to the tax regime support the case for buyers acting now.

West Vancouver is one of the region’s most desirable areas, from its natural assets to its amenities. The current market climate gives buyers looking to enter the West Vancouver real estate market distinct advantages over previous conditions.

Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company.

Contact:

Brock Smeaton

Debbie Walker

604.925.2911

brock@brocksmeaton.com

Be The First to Comment!

March 2010 saw the average price for a detached home in Greater Vancouver (as reported by the Real Estate Board of Greater Vancouver) top $1 million for the first time. While West Vancouver realtors have seen average prices in that range for some time (West Vancouver March average of $1,445,305), having the average price for the larger region reach the million dollar threshold is groundbreaking, and lends continued support to the values of north shore properties.

The persistent upward trend over time has been driven by a number of factors shared by West Vancouver real estate and properties throughout metro Vancouver. Geography is a key factor. Unlike many Canadian cities, metro Vancouver is limited in its potential for outward expansion, bordered on three sides by mountain, ocean, and the US border. Added to these expansion limitations are projections of significant population growth. Municipal government estimates anticipate a 54% increase in the region’s population to 3.39 million people over the next 35 years. The result: property values can be expected to grow with increased density and demand.

Contemporary factors come into play as well. West Vancouver homes for sale and homes for sale in North Vancouver benefit from the desirability of those two districts. Location and lifestyle attract buyers looking to take advantage of proximity to both the downtown Vancouver business centre and numerous recreational facilities. An excellent selection of educational opportunities, housing options, transportation alternatives, and leisure and shopping choices enhance the demand for properties in the area.

Further interest is generated by the current low mortgage interest rates, which have a greater impact on qualification for higher priced properties. Changes to the provincial sales tax structure, due to take effect within months, only add to the impetus buyers are feeling.

Even taking into account periodic short-term downward fluctuations that have been experienced in the metro Vancouver real estate market, crossing the $1 million average price point is one further demonstration of the strength of the area’s ongoing upward trend in property values. Prices in this range also serve to remind buyers and sellers of the importance of accessing proven professional insight and advice for any anticipated real estate transactions.      

Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company.

Contact:
Brock Smeaton
Debbie Walker
604.925.2911
brock@brocksmeaton.com

Be The First to Comment!

When West Vancouver realtors introduce potential buyers to their community, they are sure to highlight the array of educational options available to serve the needs of students of all ages.

Some of the finest schools in the province, both public and private, are found in West Vancouver. Independent assessments of educational institutions such as the Fraser Institute’s annual ranking of BC schools consistently place West Vancouver schools in the upper echelons. Above average performance on standardized tests, high graduation rates, and effective student support by school resources and parents at home are typical of the findings.

Families looking at West Vancouver homes for sale are quick to recognize the benefits. So much of contemporary family life revolves around the children’s schools including classroom and extra-curricular activities. Neighbourhood schools that are known for both quality and stability provide families an impetus to buy as well as peace of mind as they establish themselves in their new homes. Choosing a home in West Vancouver or selecting homes for sale in North Vancouver BC is made easier by that confidence in the school environment afforded to the children in the family.

The reality of family life, though, is that children don’t stay the same age. Today’s preschooler is tomorrow’s fifth-grader and will graduate from high school before parents have time to realize what has happened. What then?  Numerous post-secondary institutions are readily accessible from West Vancouver property. Some, like Capilano University, are close by, right on the north shore. Others such as the University of British Columbia and Simon Fraser University are near enough to allow students to comfortably commute. Families that have established themselves in West Vancouver don’t have to move or live separately from their children to accommodate objectives for advanced education.

It is not uncommon for real estate advertisements to make reference to a property’s proximity to schools. Often less clear is the caliber of the schools themselves. In West Vancouver, school proximity and school performance go hand in hand, helping to take the guesswork out of finding the right home.      

Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company.

Contact:
Brock Smeaton
Debbie Walker
604.925.2911
brock@brocksmeaton.com

Be The First to Comment!

One of the key advantages that West Vancouver Realtors present to their clients is the city’s ideal location. From work to recreation, everything is close by. Improvements to the regional transportation system are making it easier than ever to get to all of it.

The view from West Vancouver homes for sale often includes the stunning panorama of the Burrard Inlet, Stanley Park, and downtown Vancouver. Improvements to bus services, the scheduled addition of a third Seabus to downtown, and continuous upgrading of the road system are improving access to Vancouver’s central business core. Residents of the north shore are able to live in one of Metro Vancouver’s most desirable areas and still commute conveniently and comfortably to the office.

Homes for sale in North Vancouver share with West Vancouver property an efficient network that puts commercial and service centers throughout the north shore on the doorstep. Shopping, dining, medical services, and social gathering spots are ready at hand, just minutes from most of the residences in the area. Families find a range of choices at their disposal. Neighbourhood hubs make walking and cycling viable options. Public transit routes crisscross the district and vehicle corridors move traffic efficiently throughout the day.  

After work, owners of West Vancouver real estate find that transportation improvements help them make the most of their leisure time as well. The newly upgraded Sea-to-Sky highway has substantially reduced travel times to Whistler and other recreational sites along the Sea-to-Sky corridor while greatly improving comfort and safety for travelers. Access to other nearby sites such as Cypress, Grouse, and Seymour Mountains has also been improved.

With the pace of contemporary living, transportation is a critical consideration for home buyers. The right house is even more desirable if a family can easily travel to and from home as they pursue the activities of a full day. Work or school, shopping or recreation: West Vancouver’s transportation options help homeowners enjoy both their homes and their community to the fullest.   

Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company.

Contact:
Brock Smeaton
Debbie Walker
604.925.2911
brock@brocksmeaton.com

Be The First to Comment!

Spring 2010 is delivering a dynamic market for West Vancouver property with benchmark prices reported in February showing a one-year increase of over 20%. Realtor Brock Smeaton confirms that West Vancouver realtors are experiencing an upsurge in interest from potential buyers driven, he says, by the convergence of various factors. “Interest rates, immigration, a strong dollar and buoyant optimism are resulting in intense demand, particularly for properties in the 1 million to 2.5 million dollar range.”  

Leading indicators are delivering encouraging news of a strengthening recovery for the economy at large and many buyers are surveying the market with keen awareness of the implications of pending changes to the sales tax regime. February sales in West Vancouver were double those of January, 2010 and more than double the total from February, 2009. Extensive global exposure over the past months for one of the most desirable urban environments imaginable hasn’t hurt either.

What is the attraction? Active communities around neighbourhood centres for shopping and services allow for intimate community life within a larger urban framework. Some of the finest schools in the country, both public and private, are complemented by ready access to numerous post-secondary institutions. The heart of the business community and the ultimate in outdoor recreation are both minutes away. Moreover, choose a property at random and the views in almost any direction are sure to be stunning.

Closer inspection only adds to the desirability of West Vancouver real estate in the near and long terms. Established households with above average incomes add to the stability of the market. Property values continue an upward trend and a growing diversity of housing choices makes West Vancouver a lifetime community. As needs change, residents are able to upsize or downsize without abandoning the community roots they have established.

The natural boundaries of mountain and ocean limit the potential for sprawl. Like any finite resource, scarcity builds value over time regardless of cyclical market fluctuations. Each successive generation of building adds to the quality and desirability of the property inventory, enhancing the values of existing properties even as new developments come on stream. Investment in community services and infrastructure have maintained the quality of life and met the challenges of managing growth in a proactive way.

All things considered, West Vancouver continues to be one of the region’s most desirable communities. For homeowner and investor alike, spring 2010 is an ideal time to rediscover West Vancouver.

Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company. You can contact Brock at 604.619.9131 or by e-mail at brock@brocksmeaton.com

Be The First to Comment!

Geography Supports West Vancouver Real Estate

Many of the qualities quickly appreciated by people looking at West Vancouver homes for sale are not solely the product of urban planning or human ingenuity. In fact, the natural geographic structures have given planners and builders numerous advantages.

Sweeping up mountainsides from the picturesque waterfront, row upon row of building sites are blessed with the benefits of “stadium seating”. Few locations could offer topography that lends itself to stunning views not only for the few homes on the shore and those at the summit, but for the majority of lots in between as well. A characteristic of metro Vancouver’s north shore, this advantageous landscape is shared with many of the homes for sale in West Vancouver, BC.

There is no need here to lean precariously over the balcony rail to peer around the building across the street for a glimpse of water or forest. Every point of the compass affords stunning panoramic views.

Furthermore, the mountains, canyons, inlets, and rivers work together to foster the growth of cohesive communities within the larger municipality. Bounded by the Capilano River to the east, mountains to the north, and rugged shoreline from Burrard Inlet around to Horeshoe Bay, West Vancouver encompasses a large region. Yet within that extensive area, individual communities have managed to establish distinct identities.

Set apart from each other by the natural features that define them, these districts have emerged with distinct personalities. The carefree beachfront atmosphere of Ambleside merges with the understated urban sophistication of Dundarave with its boutique shopping and myriad coffee shops and dining options. From the stately elegance of the British Properties to the quaint seaside village ambience of Horseshoe Bay, one city boasts many thriving communities.

Of course, this diversity is an asset highly valued by West Vancouver realtors. Having invested the time to develop a comfortable familiarity with the character of each area, experienced professionals are able to match buyers with a home that not only meets their needs, but is also part of a community that matches their lifestyle. As people move through the various stages of family life, West Vancouver offers neighborhoods well-suited to each one.

Designers and builders have certainly made every effort to make West Vancouver an enviable example of livability and the natural assets of the region have been a critical component of their success.

Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company.

Contact:

Brock Smeaton

604.619.9131

brock@brocksmeaton.com

Be The First to Comment!

New Spring Growth for West Vancouver Realtors 

West Vancouver, March 16, 2010 — Spring 2010 promises a dynamic market for West Vancouver property. Leading indicators are delivering encouraging news of a strengthening recovery for the economy at large, the dollar is strong, and many buyers are surveying the market with keen awareness of the implications of pending changes to the sales tax regime. Throughout the Metro Vancouver region, real estate activity remains strong, and West Vancouver is no exception.

Extensive global exposure over the past months for one of the most desirable urban environments imaginable hasn’t hurt either. West Vancouver realtors are experiencing an upsurge in interest from potential buyers, both local and international. Waterfront condos, urban village streetscapes, and secluded luxury homes are fulfilling the wish lists of buyers from a broad demographic, with inquiries more than keeping pace with sales.  

What is the attraction? Active communities built around neighborhood centers for shopping and services allow for intimate community life within a larger urban framework. Some of the finest schools in the country, both public and private, serve the needs of families with children of any age, and are complemented by ready access to numerous post-secondary institutions. The heart of the business community and the ultimate in outdoor recreation are both minutes away. Moreover, choose a property at random and the views in almost any direction are sure to be stunning.

Closer inspection only adds to the desirability of West Vancouver real estate in the near and long terms. Established households with above average incomes add to the stability of the market. Property values continue an upward trend without the volatility other regions have experienced. The growing diversity of housing choices makes West Vancouver a lifetime community. As needs change, residents are able to upsize or downsize without abandoning the community roots they have established.

The natural boundaries created by mountain and ocean limit the potential for sprawl. Like any finite resource, scarcity builds value over time regardless of cyclical market fluctuations. Each successive generation of building adds to the quality and desirability of the property inventory, enhancing the values of existing properties even as new developments come on stream. Investment in community services and infrastructure have maintained the quality of life and met the challenges of managing growth in a proactive way.

All things considered, West Vancouver continues to be one of the most desirable communities in which to establish a home. Properties deliver healthy equity growth and community amenities meet the lifestyle needs of every age in surroundings of unsurpassed natural beauty. For homeowner and investor alike, spring is an ideal time to rediscover West Vancouver.    

Brock Smeaton

604.619.9131

Prudential Sussex Realty

British Columbia’s #1 residential real estate company.

Be The First to Comment!

You have decided West Vancouver is the community you want to live in and raise your family. West Van is safe, beautiful, and has excellent schools, recreation facilities, and amenities. Now you need to decide what area of West Van to live in. Dundarave, Ambleside, Caulfield, West Bay, Horseshoe Bay, Park Royal, or Lions Bay?  Some key factors to your decision should be your utility for proximity to work, amenities, and schools, and your utility for easy access to the freeway, beaches, Lions Gate Bridge, BC Ferries, Sea to Sky Highway, and Marinas. Buyers must also consider the school they want their children to attend as some schools offer different programs such as French Immersion, Super Achievers for exceptional athletes to train more, and IB for advanced studies. Lastly, buyers should consider their tolerance to snowfall and what type of view they want as vertical proximity in West Van greatly affects your views and lifestyle as the snow fall typically hits a lot harder above Highway 1. In 2009 the hottest regions in West Van were Dundarave and Ambleside largely due to the community feeling of these quaint communities and the easy proximity to Marine Drive, transit, schools, and amenities. Also very popular sub-communities in West Van are The British Properties and Altamont for the Estate-size lots and panoramic Southern City and Ocean views, as well as Caulfield for new development, stunning views, and often lighter, brighter weather. West Vancouver Waterfront continues to be the landmark property in West Van with privacy, tranquility, recreation, and priceless views in very limited supply. There is a lot of choice in West Van, every sub-community has special charm and character, and I would strongly advise chatting with friends, researching on the internet, or consulting your real estate professional to guide you into the right location for you and your family. If you have any questions regarding West Vancouver real estate please feel free to call Brock at 604.619.9131 or email me at brock@brocksmeaton.com

Be The First to Comment!

2009 Year In Review

Apartment/Attached Market

West Van Apartments

214 SOLD

Lowest Sale was $181,500 Median Sale was $665,000 Highest Sale was $5,000,000 on the 11th floor in The Edgewater.

-New Project Releases were The Evelyn by Arthur Erickson and Millenium.
-Newly completed projects were The Argyle by Quigg, Parkview Place by Linda Burger & Associates and Dundarave Village Point.

North Van Apartments

1442 SOLD

Lowest Sale price was $120,000 Median Sale was $414,000 and The Highest Sale was $1,465,000 for The Penthouse at The Observatory.

-Newly completed Projects were Vista Place, The Brook, The Addisson, Branches in Lynn Valley by Polygon and The Gateway.
-In 2010 look forward to the completion of The Pier in Lower Lonsdale and Pinnacle Hotel, as well as the beginning of new high rise projects in central Lonsdale and Vicinity in Lynn Valley.

Van Apartments

In Downtown Vancouver there were 3481 Attached Sales in 2009. The lowest sale was $130,000 for a share in The Marriott Hotel and the highest sale on MLS was $6.5 million for 4000 sq ft in The Shaw Tower.

-Newly completed projects included Concord Pacific’s TV Towers, The Shangri La hotel and Residences, The Landmark Woodwards Towers in Gastown striving to redefine the Vancouver East side and restore its glory from the mid 20th Century as well as the Espana towers by Henderson Development. Raffles on Robson, The Hudson and L’Aria feature exquisite affordable living in prime downtown locations, and the long anticipated completion of The Grace on Richards St in Yaletown brings European elegance to a very modern and trendy neighborhood. The completion of Crossroads and new Commercial big block retailers Best Buy, Canadian Tire, and The Brick, as well as the New Canada Line has transformed Camby and Broadway into a new urban oasis.

-In 2010 look forward to the completion of 3 Harbor Green, Hotel Georgia, The Erickson in Yaletown and the beginning of The Ritz-Carlton in Coal Harbour, The Mark, V6A, and Social by Onni, and new projects in up and coming False Creek East including Pinnacle and Maynards Block by Aquilini.

The Apartment Market outlook for 2010 looks very optimistic with a lot of first time home buyers itching to enter the market, investors still keen on putting money into the bust-proof bubble that is Vancouver Real Estate, immigration numbers steadily rising, job-growth in many of BC’s sectors, and real estate fundamentals such as low interest rates projected to remain favorable into 2011.

Home/ Detached Market

West Vancouver

690 Homes SOLD, the lowest sale was $592,000, the Median Sale was $1,365,000, and the Highest sale was $10,650,000 for a waterfront masterpiece.

In 2010, look for new home development in The British Properties as the 1200 ft building elevation maximum spreads Westward into the base of Cypress Mountain towards Caulfield, as well as a lot of redevelopment and renovation in West Vancouver’s most desired areas of 2009, Dundarave, Ambleside, and Caulfield.

North Vancouver

1100 Homes SOLD. The lowest sale was $370,000 for 875 sq ft Lynnmour, the Median sale was $830,000 and the highest sale was $4,325,000 for a mansion in Dollarton.

Vancouver

1761 Homes Sold. The lowest sale price was $320,000 for a leasehold property, the Median was $1,749,000, and the highest Sales were $15,200,000 and $14,800,000 in Point Grey.

Summary:

After a dismal 2008 that saw a financial collapse in the US, complete loss of consumer confidence Worldwide, and a Real Estate collapse in many parts of the World, including almost no activity in Vancouver and a 15% decline in Vancouver home prices left consumers wondering if it would ever recover; it already has!

Activity in Vancouver reached all time highs in July, August, and September and the red-hot Real Estate market has continued to be busy into the Winter. Prices have fully recovered and now sit where they stood in 2007 and at all time highs. This leaves the pessimist to doubt if we can go any higher. I forsee a stable market moving forward in 2010. The Olympics and interest rates are question marks as to how the world and Vancouverites will react and do as affordability, real estate fundamentals, consumer confidence, and supply and demand will undoubtedly unfold as the story for us in 2010.

For all your Vancouver Real Estate inquiries please contact Brock Smeaton at 604.619.9131. Thank you to my clients, friends, and business associates in 2009. It was an amazing and unforgettable year at Prudential Sussex Realty!  Here’s to a healthy, prosperous, and fulfilling 2010!

There is a comment on this post.